SA's GDP will need to grow by 7% annually over 20 years to create jobs and reduce poverty, Finance Minister Pravin Gordhan said on Thursday.
"We want a sustainable economy that will create jobs and reduce poverty.
"We need to grow by 7% over a 20-year period and previously we've only done 5%.
"It's a challenge," Gordhan said in a speech at the presentation of results from the Land Bank.
He continued: "It's important to get the South African economy on a higher growth trajectory".
The global economic crisis saw South Africa last year plunge into its first recession in 17 years, and post a negative economic growth rate of 1.8% in 2009.
Gordhan said they would give their estimation of what they expect the economy to grow by this year when he presents the mid-term budget in October.
He added that public institutions - such as the Land Bank - should consider creating partnerships to reach higher growth.
"We have to ask ourselves whether we can create the partnerships necessary to deliver this kind of growth which in turn will deliver jobs.
"If we set ourselves that goal, we need new ways to have a willingness to do things differently," Gordhan noted.
South Africa needs 7% annual GDP growth to cut poverty
SA's GDP will need to grow by 7% annually over 20 years to create jobs and reduce poverty, Finance Minister Pravin Gordhan said on Thursday.
"We want a sustainable economy that will create jobs and reduce poverty.
"We need to grow by 7% over a 20-year period and previously we've only done 5%.
"It's a challenge," Gordhan said in a speech at the presentation of results from the Land Bank.
He continued: "It's important to get the South African economy on a higher growth trajectory".
The global economic crisis saw South Africa last year plunge into its first recession in 17 years, and post a negative economic growth rate of 1.8% in 2009.
Gordhan said they would give their estimation of what they expect the economy to grow by this year when he presents the mid-term budget in October.
He added that public institutions - such as the Land Bank - should consider creating partnerships to reach higher growth.
"We have to ask ourselves whether we can create the partnerships necessary to deliver this kind of growth which in turn will deliver jobs.
"If we set ourselves that goal, we need new ways to have a willingness to do things differently," Gordhan noted.
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